Entyre Inc., a nationwide provider of mortgage closing documents, this week announced the launch of its X4 Wholesale Lending System, an ASP-based closing system that aims to give lenders total control of who “touches” their loans and what those participants are allowed to do.
The technology was specifically designed to give wholesale lenders more control over the closing process. Since the technology was built as a Web-based solution from its inception, it does not have the same inherent problems that competing solutions experience from building “Web wrappers” around older legacy systems, according to a press statement. The system produces closing documents that aim to match the exact requirements of each lender that deploys the PerfectDocs tool.
Entyre CTO Chris Eagle said that benefits to lenders are especially pronounced in post-closing. “With PerfectDocs, wholesalers simply decide how they want the mortgage chain set up, who can access the loan and which data elements they are allowed to modify. These decisions can vary by sales channel, or even by the name of a specific processor. The result is that lenders can insure the integrity and accuracy of the closing package. They can focus their attention and resources on managing exceptions instead of worrying about quality control on every loan that is in their pipeline.”
A company spokesman said that Entyre is in the middle of three major implementations of the X4 Wholesale Lending System, including a top-20 lender, which is expected to be formally announced in early May.
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